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Provide journal entries relating to acquisition of inventory

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Reference no: EM132652486

Details of an acquisition of inventory by Rice Limited are as follows:

  • Goods for resale where all purchased on credit on 1 July 2019.
  • The marked price was R30 000, but a trade discount of R2 000 was granted along with an early settlement discount of 20% off the discounted price.
  • The settlement discount was offered on the condition that the amount due was paid in full by 31 August 2019.
  • The inventory was paid for on 2 September 2019 due to cash flow problems.

Required:

Problem 1: Provide journal entries relating to the acquisition of the inventory in Rice Limited's accounting records.

Reference no: EM132652486

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